Telefonica Named Top Bidder For $2.3B UK Meter Contract

Law360, New York (August 15, 2013, 1:27 PM ET) -- Spanish telecommunications giant Telefonica SA has been named the preferred bidder for two blockbuster smart metering contracts in the U.K. worth a combined £1.5 billion ($2.33 billion), Telefonica's U.K. subsidiary announced late Wednesday.

Telefonica said the contract is for 15 years and covers the central and southern regions of the U.K. The program is part of a larger infrastructure project that includes the installation of 53 million gas and electricity meters across the country by 2020.